South Sydney Rabbitohs expect to be out of the red in 2013

NRL club South Sydney is budgeting for a $1.61 million profit in 2013, which would make it one of the most profitable sports clubs in the country.

The budget figure is contained in the club’s 2012 financial report, recently lodged with the Australian Securities and Investments Commission.

Souths made a loss of $363,090 in 2012, after a $300,000 depreciation charge. Revenue was about $17 million, up almost $2 million from the year before.

The 2013 forecast is before financing and impairment charges. The club has $6.15 million owing in loans to owners
Russell Crowe
and
Peter Holmes a Court
, but repayments are not due to begin until 2015.

The club hopes that increased revenue from the NRL’s new $1 billion broadcasting deal will bring about the financial turnaround, as well as improved sponsorship and membership levels.